Property Division Lawyers Sydney
Our Property Division Family Lawyers Will Help Protect Your Assets
Understanding Property Division in Australian Law
Property division is a common feature of almost every Australian divorce, whether you and your ex-spouse are millionaires or simply splitting modest assets.
In Australia, the Family Court has broad discretion in distributing marital assets under the Family Law Act, but it is not as simple as a 50/50 split. Instead, the court is required to make decisions that are just and equitable, considering a variety of factors such as the length of the marriage, financial and non-financial contributions, and future financial needs.
The complexities of family law property settlements highlight the importance of understanding entitlements. Navigating these challenges with the help of a family lawyer ensures a just and equitable distribution of assets.
By working with an experienced property division lawyer in Chatswood, you can ensure that your rights are protected and that you receive a fair and equitable share of the marital assets.
When Property Division Can Become Complicated
There are several factors that will affect the outcome of your family law settlement, including the duration of your marriage, whether or not you or your spouse (or both together) own a business, whether or not yours is a high-asset family law case, and your financial circumstances.
Disputes with a former partner can be particularly complex, often requiring legal advice and mediation. Full disclosure of financial assets is crucial to achieve equitable settlements.
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Duration of Marriage
The duration of your marriage will significantly affect the outcome of your family law case if your marriage is of considerable length. Individuals who are married for a long period of time accumulate considerable assets together, such as property, land, superannuation, retirement savings, and investments. Moreover, long-term marriages often involve complex financial structures, including investment portfolios, employee stock options, and private businesses.
The longer the marriage, the more assets tend to be intertwined, forming a complex asset pool that can make property division far more challenging. Our Chatswood Family Lawyers are experienced in unravelling complex financial arrangements and ensuring an equitable outcome for our clients.
Business Ownership
Business ownership by either or both spouses poses additional complications. If both spouses own the business together, they must accurately value the business before they can determine what to do with it. More often than not, the couple will choose to sell the business and its assets and split the profits. Another common scenario is when one spouse buys the other out.
If one spouse owned a business prior to the marriage, things can become even more complicated. Australian law considers both financial and non-financial contributions made by each spouse when determining what share, if any, the non-owner spouse will receive from the property pool. Our team of financial experts, including forensic accountants and business valuers, can help assess the true value of your business and ensure a fair division.
Business Ownership & Property Division
Whether you own a business together or separately, beginning the property settlement process promptly is crucial to ensure a fair division. The value of the business must be accurately assessed, and our team will work with financial professionals to determine how best to handle your business, whether through sale, buy-out, or restructuring, ensuring your interests are protected throughout the process.
HIGH ASSET DIVORCE
High-asset family law matters generally include such complex properties as:
- Pensions and retirement accounts;
- Homes and other real estate;
- Superannuation;
- Family businesses and professional practices;
- Personal belongings (jewellery, artwork, designer goods);
- Vehicles; and
- Brokerage accounts, to name just a few.
In high-asset cases, it is essential to work with a lawyer experienced in managing complex financial portfolios. A skilled Chatswood Family Lawyer will enlist the help of financial professionals such as forensic accountants and real estate appraisers for additional aid in the valuation of your assets, ensuring that your financial interests are protected and achieving a fair property settlement.
Dealing with Hidden or Overseas Assets
One key challenge in cases involving significant wealth can be identifying all marital assets. If you suspect that your spouse is hiding assets, particularly in overseas accounts or investments, our team has the resources to investigate and ensure that all relevant assets are disclosed and properly valued, facilitating a fair family law property settlement.
Binding Financial Agreement (BFA)
In many cases, a Binding Financial Agreement (BFA), similar to a prenuptial agreement, can simplify property division. A BFA allows both parties to agree on how property should be divided, either at the beginning of the relationship or during separation. This can save both time and emotional energy while ensuring that assets are divided fairly.
However, BFAs must be carefully drafted and may be set aside by the courts if they are deemed unfair or if one party did not fully disclose their assets. At Chatswood Family Lawyers, we ensure that BFAs are legally sound, protecting your interests while minimising the risk of disputes.
Temporary Orders During Divorce Proceedings
Property division is not finalised overnight, and family law matters can take months or even years to be resolved. During this period, courts often issue temporary orders to protect both parties and prevent either spouse from disposing of or misusing marital assets.
Temporary orders may include:
- Preventing the sale or transfer of property without court approval
- Protecting valuable assets from damage or destruction
- Prohibiting the gifting or transfer of assets to friends or family members
If your ex-spouse violates a temporary order, they may face serious consequences, including court sanctions. Our lawyers will ensure that your assets are protected from the outset of the proceedings.
Work with an Experienced Complex Property Family Law & Divorce Lawyer in Chatswood
The experienced property settlement lawyers at Chatswood Family Lawyers have successfully dealt with a number of complex property division cases throughout the North Shore, Greater Sydney, and its environs, as well as throughout New South Wales and Australia.
If you suspect that your family law matter is a complicated case, reach us today, who will support you throughout the duration of your divorce and protect your best interests at the same time.
Contact Chatswood Family Lawyers Today
Contact us to schedule a consultation with one of our family lawyers today by phone at (02) 9412 4500, or by email at enquiries@chatswoodfamilylawyers.com.au.
We can meet with you at our office or arrange a phone consultation for your convenience.
Protect your assets and secure your financial future with expert legal representation from Chatswood Family Lawyers.